E-commerce giant Amazon is loading cash to its digital wallet for customers in India as it is actively pushing to deepen its footprint in the country battling competition from rivals-Alibaba and Walmart.
A letter dated June 5 issued to customers, which also marked the fifth anniversary of launch in India, Jeff Bezos, Amazon founder offered a cashback of Rs 250 to be paid into Amazon pay wallets for customers who shopped online for goods worth Rs 1000 on Wednesday.
It is interesting to note that the US retail giant has reported a 126% growth in transactions and 68% growth in unique users in its Indian business operations.
Amazon has invested Rs. 700 crore in its Indian digital payment business since 2016 as it is looking forward to boosting its e-wallet and bring in new innovations in its online marketplace.
Focus on Payments to Gain Edge in Marketplace
While online business forms the core of the company, Amazon is also putting in best efforts to expand its payments and financial technology business that could wipe off rivals including Flipkart, Walmart, Alibaba, Reliance Jio and Softbank backed Paytm.
In an interview to a leading daily last week, Amit Agarwal, Indian Head at Amazon said,
We have built unique features such as cash load at the doorstep. The mobile pre-paid recharges are pulling in the highest number of new customers.
Meanwhile, Amazon has also invested in companies like Acko, an e-lending firm and business lender Capital Float. Experts believe the strategy will help not only serve customers but also better finance merchants, which Amazon has been doing in partnership with banks and NBFCs.